Smart Elevator Market To Grow At A CAGR Of 14.8% From 2015 To 2022

Global smart elevator market was estimated to be USD 10.50 billion in 2014 and is expected to witness significant growth on account of its increasing adoption in emerging economies of Asia Pacific, Middle East and Latin America. Safety, reliability and longer durability is expected to drive growth.

Increasing requirement for faster vertical mode of transportation owing to the increasing number of skyscrapers along with growing purchasing power of consumers in Brazil, China, and India is expected to fuel growth. Rising need for energy efficient systems along with controlled transportation traffic are other key parameters fueling demand. Favorable government regulations along with expeditious infrastructure development in emerging countries are also expected to result in development of the industry in the near future. The market is anticipated to reach USD 30.55 billion by 2022.

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Technological innovations resulting in several benefits including digital control security are also likely to contribute to growth. Better traffic management, cost efficient power consumption, and reduced waiting time for passengers are also expected to boost the market at a significant rate.

Demand for smart elevators in new deployment solutions accounted for over 40% of the global market revenue in 2014. Increasing government spending on infrastructure development, particularly in Asia Pacific, is expected to augment growth over the forecast period.

Elevator automation including efficient transportation and time-energy saving deployment, is expected to witness significant gains over the forecast period at a CAGR of 15.6%. Elevator access security & control contributed to account for more than 35% of the total share in 2014 and is expected to lose share to the automation segment over the forecast period.

Maintenance accounted for less than 6% of the market share in 2014. However, it is anticipated to witness significant growth in coming years, particularly in North America and Europe owing to the existence of installed systems and high prevalence of MRO activities in the region. Stagnant economic growth of these regions is anticipated to fuel maintenance activities of smart elevators.

Smart elevators industry for residential applications was valued at USD 2.29 billion in 2014 and is estimated to increase in the near future on account of rising disposable income and increasing demand for energy efficient alternatives. Consumer preference towards energy-efficient solutions for industrial applications is expected to propel growth in the near future at a CAGR of 15.6% over the forecast period. Rapid industrialization, particularly in Asia Pacific and Latin America, coupled with growing inclination of manufacturers towards automation is expected to result is high demand for the technology.

In 2014, North America led the global market accounting for 42.3% of the total market revenue. Asia Pacific is expected to witness substantial growth at a CAGR of 19.0% over the projected period on account of rising urbanization, technological advancement, high purchasing power, and infrastructure development in the region. Supportive government initiatives to upgrade existing systems is anticipated to fuel the growth of the Europe industry in the near future.

Key players include Bosch Security Systems, Schindler, Schneider Electric, Mitsubishi Electric Corporation, Kone, Otis Elevator Company, Hyundai Elevator Co. Ltd., Fujitec, and Hitachi Ltd. The industry is characterized by enhanced service facility and efficient distribution channels for manufacturers to gain an advantage over their competitors.

Predictive Analytics Market Worth $23.9 Billion By 2025

The global predictive analytics market size is expected to be valued at USD 23.9 billion by 2025, registering a CAGR of 23.2% over the forecast period, according to a study conducted by Grand View Research, Inc. Massive data dependence and adoption of advanced technologies such as AI, machine learning, and big data is expected to drive the demand for predictive analytics solutions over the forecast period. These solutions transform collected data into insights; for instance, they detect patterns to determine a suitable course of action. They have also been instrumental in the development of search advertising and recommendation engines. Growing awareness about the importance of available data and its analysis for predicting the future scenario is offering a competitive edge to end users, thereby driving the demand for these solutions.

Key factors driving the demand for predictive analytics solutions are enhanced product usability, adoption of new technologies, massive data deluge, and newer levers of differentiators. In addition, growing need for database management, data warehouses, forecasting, data mining, smart logistics, CRM, and data visualization in dashboards is supporting the growth of the market. These solutions help map the various stages of the buyer journey, which would help organizations adopt suitable marketing campaigns, subsequently leading to higher sales and customer retention. Increasing demand for these solutions from organizations to equip their business functions with analytical capabilities are also expected to drive the growth of the market over the forecast period.

Techniques for implementing predictive analytics include machine learning, deep learning, regression, regression modeling, mathematical, text mining, neural nets, genetic algorithms, clustering, decision trees, and data exploration techniques to gain insights from historical and present data. These techniques are increasingly being adopted by organizations for various applications such as CRM, direct marketing, risk management, portfolio management, fraud detection, underwriting, and credit scoring. These solutions therefore help organizations decide future strategies based on predicted outcomes for enhancing the overall performance in the coming years.

These solutions find applications in various end-use industries such as BFSI, healthcare, retail, manufacturing, government, sports, transportation and travel, IT, energy and utilities, and entertainment. These solutions help manage diversified applications across the aforementioned verticals. For instance, in the manufacturing industry, these solutions can be used for equipment maintenance management, workforce management, and cross-selling and up-selling. Moreover, the IT and telecom industry can adopt these solutions in sales, marketing, and CRM by implementing churn and pricing optimization.

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Further key findings from the study suggest:

The customer analytics segment is anticipated to gain significant traction over the forecast period, supported by digitalization and positive outlook of the e-commerce sector
Training and consulting services are expected form the fastest-growing segment over the forecast period owing to rising need for experienced employees for decision making based on predictive outcomes
Demand for cloud deployment is likely to increase owing to cost-effectiveness, faster data-processing, and ease in data handling offered by cloud platforms
The small and medium enterprises segment is expected to register a significant CAGR over the forecast period owing to growing need for enhancing operational performance by reducing overall operational costs with the help of these solutions
The retail and e-commerce segment is predicted to witness a remarkable growth over the forecast period owing to increasing internet and smartphone penetration, along with digitalization across the globe
North America dominates the global market owing to technological advancements and presence of players in U.S. Financial funding to new players from venture capitalists is projected to intensify the competition in the market
Prominent players operating in the market include Microsoft Corporation; SAS Institute, Inc.; IBM Corporation; SAP ERP; Siemens AG; NTT Data Corporation; and Tableau Software, Inc.

Pet Wearable Market Size Worth $4.6 Billion By 2027

The global pet wearable market size is estimated to reach USD 4.6 billion by 2027, registering a CAGR of 14.3% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing concerns toward companion animals’ health and wellbeing, coupled with rising pet humanization and population, is anticipated to be the key factor driving the growth of the market over the forecast period. In addition, increasing expenditure on pet consumables and rising demand for identification and tracking devices are some of the key factors driving the market growth.

According to the American Pet Products Association (APPA), the expenditure on companion animals in U.S. is expected to be USD 72.1 billion in 2018. Several advancements in technology is expected to lead to an increased demand for these wearables over the forecast period. Wearables are capable of continuously tracking health-related parameters such as body temperature, calorie intake, and Heart Rate Variability (HRV). Moreover, sensor technology is integrated into wearable devices to monitor and measure health metrics such as heart rate and respiration levels. It also enables pet owners to check disease symptoms, store medical records in the cloud, and set goals and reminders.

Moreover, growing reliance on pets for companionship, mental wellbeing, fitness, and entertainment has led to an increased spending on companion animals. The availability of advanced technology-based devices to monitor health by gathering vital information is expected to drive the pet wearable market growth. Furthermore, increasing adoption of companion animals in emerging economies such as India and China would offer several opportunities for market growth in the Asia Pacific region over the forecast period. On the other hand, North America dominated the global market in 2019 owing to the increasing awareness of the importance of pet health. Moreover, high penetration of fitness and activity monitoring devices and increased spending on companion animals is anticipated to drive the regional market growth.

Key industry players include Allflex USA Inc.; Avid Identification Systems, Inc.; Datamars; Fitbark; Garmin Ltd., Intervet Inc.; Invisible Fence; and Konectera Inc. Key players in the market focus on research and development activities to develop innovative products to expand their product offerings. In addition, companies adopt strategies such as collaborations, expansions, and acquisitions to strengthen their position in the global market.

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Further key findings from the study suggest:

The RFID segment dominated the market with a share of 39.9% in 2019, as RFID technology is considered more accurate and reliable, and helps authenticate products and store information
The identification and tracking segment dominated the market in 2019 and is projected to reach USD 2.8 billion by 2027 as tracking wearable devices can play a significant role in finding lost or stolen pets
The Asia Pacific pet wearable market is estimated to register the highest CAGR of over 17.0% from 2020 to 2027 owing to increasing awareness regarding pet fitness and health in countries such as India and Australia
Key industry players include PetPace LLC; Whistle Labs, Inc.; Tractive; Garmin International, Inc.; and FitBark.

Neonatal Critical Care Equipment Market Worth $1.3 Billion By 2027

The global neonatal critical care equipment market size is expected to reach USD 1.3 billion in 2027, expanding at a CAGR of 9.4%, according to a new report by Grand View Research, Inc. High number of preterm births, prevalence of neonatal jaundice, and innovative product launches are some of the factors responsible for market growth. The Neonatal Intensive Care Unit (NICU) provides treatment to premature infants and those having breathing problems, anemia, heart defects, and other problems requiring critical care.

The majority of admissions in the NICU comprise of the premature/preterm babies. To support their treatment, various organizations are providing financial assistance to healthcare providers. For instance, in October 2018, the Australian Government announced a provision of AUD 600,000 to the Miracle Babies Foundation to support the families of premature babies. The overall assessment of the market reveals that the number of cases of jaundice and respiratory problems in neonates is increasing and precautionary measures are being taken by government authorities. For instance, governments are increasing the number of NICU facilities in order to tackle health related problems in neonates.

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Further key findings from the report suggest:

The Respiratory equipment segment dominated the market in terms of revenue share in 2019 due to the high prevalence of respiratory disorders among the newborn babies
North America dominated the market in terms of revenue share in 2019 due to high healthcare expenditure and measures adopted by organizations to improve healthcare for neonatal
BC Children’s Hospital, Vancouver, announced to launch Teck Acute Care Centre and claimed to have North America’s first NICU to provide care to mother and infant in the same room
On the other hand, Asia Pacific is likely to exhibit the fastest CAGR of 10.9% from 2020 to 2027 pertaining to a high birth rate in the region
The manufacturers of neonatal critical care equipment are undertaking research and development activities to provide innovative products, in order to cater to the increasing demand for NICUs globally
In January 2016, Maquet Medical Systems USA (Getinge Group) launched two ventilators for use in NICU, the Servo-U and Servo-n.

Oral Syringes Market Size Worth $868.6 Million By 2027

The global oral syringes market size is expected to reach USD 868.6 million by 2027, expanding at a CAGR of 4.2%, according to a new report by Grand View Research, Inc. The ability to deliver an accurate amount of medication, increase in the pediatric and geriatric surgeries, and the easy usability of the oral syringes are expected to propel market growth over the forecast period. In addition, recent development in the design and increase in the demand are expected to contribute to market growth.

Medication errors in the pediatric population are also expected to drive the market. According to the article published in the U.S. Pharmacist in 2019, approximately 200,000 medication errors are reported to the U.S. poison control centers every year and about 30.0% of cases are related to children. Unlike most drugs for adults, children’s medications are often liquid and administration of liquid medication by cups and spoons leads to serious errors. To reduce the incidence of medication errors in children, most of the healthcare agencies are promoting the use of the dispensers worldwide. For instance, the Institute for Safe Use of Medications (ISMP) publishes periodical newsletters and educational programs to increase the awareness regarding the dispenser in Spain.

In addition, rise in the birth rate across the world, minimum regulation for the consumable devices, and easy usability of the dispenser are expected to drive the market over the forecast period. Furthermore, benefits such as high reliability and dose accuracy over cups or droppers are increasing demand for the dispensers in the industry. According to survey conducted by the National Center for Biotechnology Information, most of the children’s hospitals and residency hospitals use oral syringes in U.S.

North America accounted for the highest market share in 2019 owing to advanced healthcare system and growing prevalence of chronic diseases in the country. In addition, the presence of major players in the region contributed to market growth.

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Further key findings from the study suggest:

By type, the clear oral syringes segment held the largest market share in 2019 owing to the low price in the industry
Reusable oral syringes held the largest market share of 51.0% in 2019 owing to their affordability and ability to pre-sterilize
The hospital segment held the largest market share due to the increase in the number of hospitalization throughout the world
Asia Pacific is expected to witness the fastest growth rate over the forecast period owing to a large number of pediatric population and increase in the awareness in the region.

Liver Disease Diagnostics Market Size Worth $48.7 Billion By 2027

The global liver disease diagnostics market size is expected to reach USD 48.7 billion by 2027, expanding at a CAGR of 6.5%, according to a new report by Grand View Research, Inc. increasing funding and research initiatives undertaken by market players is one of the major factors expected to propel market growth. For instance, in November 2019, Glycotest, Inc. received the second USD 3.0 million tranche of USD 10.0 million Series A funding from Shanghai Fosun Pharmaceutical Co., Ltd.(Fosun Pharma). Under this investment, Glycotest, Inc. transferred HCC panel technology to Fosun Pharma to commercialize in China and develop tests for liver cancer and liver fibrosis that are currently under pipeline.

Companies are focusing on collaborations and partnership to improve the quality of care,which is anticipated to drive the market. For instance, in October 2019, Perspectum Diagnostics entered into a partnership to offer LiverMultiScan at Precious Medical Center in Singapore. The aim of this partnership was to create awareness among people to consider liver checking as an integral part of their health screening.

Researchers conducting studies to support the development of novel diagnostic methods that can accurately differentiate between benign and malignant lesions are expected to fuel market growth. For instance, researchers from Charité – Universitätsmedizin Berlin used tomoelastography to visualize mechanical properties of tumors and developed a new Magnetic Resonance Imaging (MRI) technique to detect grading of tumor consistency.

Furthermore, companies are conducting clinical trials to develop new tests with high sensitivity and specificity. For instance, Laboratory for Advanced Medicine is conducting a clinical trial on 1,600 patients with liver cirrhosis using invasive biopsy through quantification of cfDNA methylation and comparing it with ultrasound technique. The test is projected to be completed in 2020.

Development and commercialization of accurate diagnostic methods is expected to boost the market. For instance, in March 2020, ENDRA Life Sciences Inc. received CE mark for TAEUS FLIP system. This system measures liver fat to identify and monitor Non-Alcoholic Fatty Liver Disease (NAFLD) and Non-Alcoholic Steatohepatitis (NASH). It is an ultrasound system that accurately and at point of care quantifies fat in the liver.

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Further key findings from the study suggest:

Imaging segment witnessed the largest market share in 2019 owing to increasing initiatives by key players to develop accurate imaging systems
Based on end-use, the hospitals segments held the largest share in 2019. Factors such as increasing adoption of advanced technologies and favorable reimbursement policies are expected to drive segment growth
North America dominated the market in 2019 due to increasing alcoholic consumption and rising awareness regarding chronic diseases
The market in Asia Pacific is projected to witness the fastest growth over the forecast period owing to the high unmet needs and rising regular check-ups for the diagnosis of diseases.

GLP-1 Receptor Agonist Market Size Worth $18.2 Billion By 2027

The global GLP-1 receptor agonist market size is expected to reach USD 18.2 billion by 2027, expanding at a CAGR of 6.1%, according to a new report by Grand View Research, Inc. The strong product pipeline and formulation advancements are driving the market. In addition, novel innovative products are booming the market. In September 2019, Rybelsus, the first and only oral GLP-1 analog was approved by the U.S.FDA for improving the glycemic control in type-2 diabetes patients. It is a semaglutide-based product developed by Novo Nordisk, which is currently under review by European Medicines Agency (EMA) and Pharmaceuticals and Medical Devices Agency (PMDA). After receiving the approval, the market may witness significant growth over the forecast period.

Furthermore, pharmaceutical companies are focusing on research collaborations for developing new GLP-1 products. For instance, in September 2018, Eli Lilly and Company entered into a license agreement with Chugai Pharmaceutical Co., Ltd for OWL833. OWL833 is Chugai’s proprietary oral GLP-1 agonist candidate and as per the agreement Eli Lilly will obtain global commercialization and development rights.

The companies are currently aiming on geographical expansion for increasing the sales output. Novo Nordisk is expanding its business by investing in the manufacturing unit located in North Carolina. The company holds around 50.0% of the market share of GLP-1 receptor agonists and is expected to dominate the market over the forecast period. Furthermore, in July 2018, Sanofi invested about USD 74.1 million in China for establishing an R&D hub to enhance its global reach.

The companies are also focusing on getting approval for other indications like obesity and major adverse cardiovascular events by authorities like the U.S.FDA, EMEA, and others for the existing products to increase their life cycle. For instance, in January 2020, Novo Nordisk received the U.S. FDA approval for Ozempic for Major Adverse Cardiovascular Events (MACE) in type 2 diabetes patients.

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Further key findings from the report suggest:

Trulicity was the largest revenue-generating segment in 2019 owing to high prescription rate
Ozempic is expected to witness the fastest growth rate over the forecast period due to the benefits like cardiovascular risk reduction, weight loss, and controlled HbA1C levels
North America was the largest revenue-generating region in 2019, followed by Europe. The main factors contributing to their growth are increased usage of GLP-1 products, increasing R&D expenditure by government, and well-established biopharmaceutical and pharmaceutical industry in U.S. and Canada
Asia Pacific is expected to be the fastest-growing region over the forecast period due to the increasing prevalence of diabetes that supports the uptake of the medication
The key market players are adopting strategies such as mergers and acquisitions, product development, product extension, and regional expansion to increase their market share.

Hand Dryers Market Size Worth $1.7 Billion By 2025

The global hand dryers market size is expected to reach USD 1.7 billion by 2025, expanding at a CAGR of 11.5% from 2019 to 2025, according to a new report by Grand View Research. A key factor contributing to the market growth is decrease in oil and gasoline reserves. Over 464 gallons of oil and 42 gallons of gasoline are used to make one ton of paper towels. Hand dryers reduce the usage of gas and fuel and contribute towards greener solutions. Demand for these products is increasing as it helps in eliminating the mess caused by the usage of paper towels, thereby improving the restroom appearance.

One of the measures to reduce water wastage is to use hand dryers instead of paper towels. Approximately 7,000 gallons of water are used to make one ton of paper towels. The manufacturing process of hand dryers does not involve the usage of such a massive quantity of water. Demand for these products is expected to increase owing to elevating need to conserve water, coupled with increasing demand for reducing the expenditure associated with paper towels.

Even in developing countries such as China and India, legislatures regarding environmental pollution and health and safety of workers are evolving at a rapid pace, owing to the global standardization of operations. The significant factors that are affecting the regulation change across the globe are the international initiatives that have been taking center stage in the international markets for quite some time now.

Europe accounts for the maximum market share as compared to other regions owing to availability of numerous hotels and restaurants. Moreover, the geographic span of the European continent is quite large consisting of several tourist attractions, which led to the hotel industry to flourish significantly.

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Further key findings from the study suggest:

Jet air dryers are estimated to continue their domination over the projected period owing to their extensive adoption across the globe. The segment accounted for the largest market share in 2018 and is expected to expand at the highest CAGR from 2019 to 2025
Fully automatic hand dryers include least human intervention, which helps to increase efficiency and reduce operational costs. Thus, the fully automatic hand dryers segment accounts for the largest market share
Wall mounted hand dryers offer ease of installation and operation, especially at public washrooms where space is a concern. In addition, wall mounted hand dryers are easy to maintain and effortlessly serviceable due to their mounting technique. All these factors are responsible for the greater adoption of wall mounted devices, accounting for a major market share
The hotel and restaurants industry accounted for the largest market share in 2018. The shipment across the industry stood at 889.3 thousand units in 2018, dominating the entire hand dryers market
Key players in the market include American Dryer, LLC.; Dyson Technology India Pvt Ltd; Electrostar; Euronics Industries Pvt Ltd; Jaguar Group Sdn. Bhd.; Excel Dryer; Panasonic Corporation; Mitsubishi Electric Corporation; SPL Industries Limited; Bobrick Washroom Equipment Inc.; Saniflow Hand Dryer Corporation; Taishan Jieda Electrical Co. Ltd.; and World Dryer.

IGBT And Super Junction MOSFET Market Is Expected To Reach USD 10.74 Billion By 2020

The global IGBT And Super Junction MOSFET Market is expected to reach USD 10.74 billion by 2020, according to a new study by Grand View Research, Inc. The need for high energy efficiency coupled with green initiatives is expected to be the key market driver over the forecast period. Changing consumer preferences have led to high demand for electric vehicles, which is also expected to drive power electronics adoption, and thus the IGBT & super junction MOSFET market.

The data center market has witnessed growth, which has spurred data center UPS market growth across organizations. High renewable energy demand has led to increased installation of wind turbines, which is expected to favorably impact the global market. The availability of alternatives to these products may restrain market growth over the next six years. Growing smart grid infrastructure is expected to serve as a considerable growth opportunity for companies operating in the market.

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Further key findings from the study suggest:

IGBT accounted for the majority of the overall market in 2013; this can be attributed to the significant IGBT module market. These modules are used in inverter applications, and enabling equipment miniaturization is expected to be the key driving factor for this segment. Reduced heat dissipation along with higher efficiency is expected to fuel the super junction MOSFET market over the next six years.
Electric and hybrid electric vehicles are expected to witness the highest growth over the forecast period. IGBT is largely used in these vehicles as compared to its counterpart, which is mainly on account of low cost and a considerable number of application areas such as in lighting and infotainment. The proliferation of consumer electronics has positively impacted the converters/chargers segment.
Asia Pacific is expected to remain the dominant regional market over the next six years; it accounted for over 35% of the market share in 2013. High demand for efficient power semiconductors across end-use industries is expected to fuel the regional market over the forecast period.
Notable industry participants include Infineon Technologies, STMicroelectronics, Fuji Electric, Vishay Intertechnology, and Mitsubishi Electric. Establishing a strong global presence and a competitive product portfolio are among other key initiatives adopted for sustaining in the market.

Cloud Security Market Size Worth $12.63 Billion By 2024

The global cloud security market size is expected to reach USD 12.63 billion by 2024, according to a new report by Grand View Research, Inc., progressing at a CAGR of 13.9% during the forecast period. Growing number of targeted cyberattacks and increasing investments in cloud infrastructure are anticipated to trigger the growth of the market.

Burgeoning popularity of cloud infrastructure owing to its benefits such as on-demand services, scalability, flexibility, and cost effectiveness. In addition to tussle between public and private cloud, emergence of hybrid cloud has given cloud users numerous platforms and frameworks to choose from. As adoption of cloud is reaching new levels, security issues concerning cloud users and vendors are also gradually mushrooming.

Emphasized by data breaches in recent years and increasing threat of cybercrime and targeted attacks, the demand for cloud security solutions is estimated to increase over the forecast period. The market is also projected to witness significant efforts by industry participants for creation of regulations and compliance laws owing to growing need for industry-wide standards. Demand for security services and policy implementation is also expected to increase, in turn driving the overall cloud security market.

Dynamic nature of the industry may result in an increasing adoption of open source platforms. In addition, versatility of data and diverse threat vectors will lead to security-as-a-service offerings and managed security service providers gaining traction in the market. Sharing of responsibility between cloud service providers (CSPs) and cloud end users for security and data protection will have a positive impact on the industry. Furthermore, technologies such as virtualization and convergence and initiatives such as computer emergency readiness teams (CERTs) are likely to help in implementing security at different levels of cloud infrastructure.

Increasing sophistication of hacking techniques and technological advancements in cyberespionage are poised to unleash new generation of attacks such as advanced persistent threats (APTs), ransomware, malicious insider, distributed denial of service (DDoS), and zero day threats. As a result, industry wide collaborations and partnerships to tackle emerging threats are estimated to shape the future of the market.

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Further Key Findings from the Report Suggest:

Polymorphic, self-mutating codes, and evasion techniques have made the traditional security technologies and endpoint protection mechanisms obsolete
Recent years have witnessed numerous high level data breaches such as attacks on Home Depot, Anthem, Ashley Madison and even security providers such as Kaspersky Labs.
North America held the largest share in terms of revenue in 2016 owing to increasing awareness regarding threat of cyberattacks and corporate espionages.
Numerous countries and regions such as the European Union are adopting specific cyber laws and regulations to protect data and information. For example, Germany is opting for greater data privacy, whereas other countries such as U.S. and France are striving for greater visibility in internet traffic.
Numerous industry specific regulations such as Health Insurance Portability and Accountability Act of 1996 (HIPPA) for healthcare, Payment Card Industry Data Security Standard (PCI DSS) for financial sector as well as international laws including Safe Harbor Act and European Union Data Protection Directive are anticipated to play a vital role in the development of the market.
Key industry players such as CA Technologies, TrendMicro, Symantec Corp., Intel Corp. and IBM Corp. are focusing on technological alliances, partnerships, and collaborations with other industry players to maintain market competencies.